Mazhilis approves several amendments to tax code

25.05.2022, 16:42

Kazakhstan will increase its mining tax rates by 50 percent for exchange-traded metals and 30 percent for other solid minerals. In addition, excise duties on cigarettes will also rise in the country. Thus, starting from 2024 they will be set at a level of at least 28 euros. Minister of National Economy Alibek Kuantyrov announced these and other amendments that will be made to the tax code. He also elaborated on differentiated crypto mining tariffs being introduced in the country. Kuantyrov noted that they will be implemented according to the scheme “the lower the cost of electricity, the higher the rate of payment.”

“Such a system will mainly depend on the cost of electricity. So, it won’t make a difference for the miners, I mean, the tax burden on them will be about the same, so they will not benefit from locating their mining farms closer to power plants. Accordingly, the risk of energy shortages and power outages will be reduced. They don’t pay much right now, it’s only one tenge per one kilowatt/hour,” the minister said.

 

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova